Financing My Basement Flip and Future Deals

[Nathan Faucett]

Hello All - I am located out of Greensboro, NC and I am currently demoing my 1200 SF Basement to turn into a Short Term Rental. When I’m done with my flip, it will be a 2 bed 1 bath space and I’m estimating $1k/month conservatively in rental income. I just purchased this home for 3% down and I have little equity in the home.

I’ve done some rough estimates and I think this project is going to cost me somewhere between $17k-$22k. I have the cash in hand to complete this project.

However, I intend to start a SFH BRRRR in the next 6 months after completing this project and will need funds from somewhere to finance this project.

My question is this: Would it be easier/better for me to get a personal line of credit/second mortgage to finance the basement flip and keep my cash for a BRRRR project?

If so, can anyone make a recommendation on where to look for a personal line of credit?

If not, what would you recommend instead?

Thanks in advance!